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Q&A Forum

Section 179 deduction

Hello, I am unclear on how to handle tax accounting and journal entries under the following scenario. The company ordered a business computer from a retailer in December 2017 and rec...
13 Views | 0 Answers/Comments

report primary home sale as ordinary income, not capital gain - possible?

is it possible not to have to calculate basis for a primary residence sale? acct thinks that all such sales must, without exception, calculate basis and report any non-excluded capit...
73 Views | 0 Answers/Comments

How is an exercise equipment package taxed for employees as well as the company?

(Director, Payroll)
There will be a contest where there is a prize of exercise equipment and package for membership etc. The total value is $3500 per package and 6 will be given away. How is something like...
1623 Views | 2 Answers/Comments

Should I be charging sales tax?

Hello, I have a cleaning company, I work for several real estate agents as a sub-contractor, they send a 1099 for the amount of money that they've paid me throughout the year. I have...
1558 Views | 2 Answers/Comments

How is Wyoming for registering an LLC?

Sohaib Khan
Title: Business Solutions Consultant | ERP, CRM..
Company: Independent
(Business Solutions Consultant | ERP, CRM.. at Independent)
I'm planning on registering an LLC in Wyoming. I don't live in the US neither I have ever visited. I'm actually a Pakistani and live in Karachi. I came across some consultants they offe...
1067 Views | 0 Answers/Comments

S-Corp election

Hello, I filed for late election relief under rev. Proc 2013-30. Stating that client intended for the LLC to be an S-Corp and is compliant with all taxes. However, IRS approved it for ...
1552 Views | 0 Answers/Comments

Can I defer taxes this way?

(Director of Finance and Accounting)
Hello everyone, I was just recently hired at a real estate development company to clean up their accounting. They have had a bad history with the accounting and finance department an...
3226 Views | 1 Answers/Comments

Form 2210 & Subchapter S Income

Luca Pacioli Jr.
Title: Owner
Company: Manufacturing
(Owner at Manufacturing)
My S corporation is a manufacturer. I am the only stock holder. Yearly sales $500k. My salary $70k per year (all taxes are withheld). A bonus paid at the end of the year $63K (al...
3180 Views | 3 Answers/Comments

Basics on VAT

Srikanth lakshminarayanan

I would like to have basic knowledge on VAT which is going to be implemented in UAE.

2861 Views | 2 Answers/Comments

Extinguishment of Employee Debt

(VP Finance)
A number of years ago, the company accepted a promissory note from an employee for purpose of acquiring 25,000 shares of its stock at $2 per share. The stock would be paid for with empl...
2209 Views | 0 Answers/Comments

Tax for employee options

We give employee stock options. Naturally at a given time, some of the options are vested, some are not. If company is sold for cash, how do we make sure: (1) vested portion (which we ...
4149 Views | 0 Answers/Comments

are vendor's rebates subject to tax ?

I buy merchandise from a reseller company for full price but i sell it at discounted price because they offer me a rebate from the discounted merchandise. I'm i supposed to pay tax on t...
3855 Views | 1 Answers/Comments

Property Tax treatment for temp stores

(Fixed Asset Accountant)
My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecti...
3496 Views | 0 Answers/Comments

Property Tax treatment for temp stores

(Fixed Asset Accountant)
My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecti...
3668 Views | 0 Answers/Comments

Help w IRA Rollover/Recharacterization

Hello. I'm in dire need of some advice. I made non deductible contributions to an IRA thinking I could easily convert it over to a ROTH IRA. So I did exactly that about 4 times last ye...
3428 Views | 0 Answers/Comments

Officer liquidates stock options - what form do i need to file?

Jae Lee
Title: Senior Accountant
Company: SURKUS
(Senior Accountant at SURKUS)
Hi, We have a formar officer who sold the stock options in 2017 so basically, we paid him 100k and he bought it for $500 back in 2015. What tax form do i need to use to file? I think...
1071 Views | 0 Answers/Comments

how can I review the filing status of an LLC

(Accounting Manager)
I am new (contractor) to this company and received a notice from the owner saying that an old 940 filing was delinquent. It is from 2016. The owner claims that the IRS also has the e...
1125 Views | 0 Answers/Comments

As a Vacation Rental (s corp) property manager....should I include sales tax on the 1099 misc to the property owners?

1537 Views | 1 Answers/Comments

Taking advantage of new corporate taxes - Where am I going wrong?

Hello, The situation I have is I want to move pre-tax funds (payment for services) from company A (I do not own) to company B (I do own) this is as simple as writing a check. As of r...
3409 Views | 0 Answers/Comments

How have you accounted for the new tax law?

Wayne Spivak
Title: President & CFO
LinkedIn Profile
(President & CFO at
What changes have you made to your COA? What spending practices have you changed?
4031 Views | 0 Answers/Comments

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